Wheat futures at the Chicago Board of Trade were mostly lower at midsession on Tuesday, following declines in the corn market on outlooks for increased US corn acreage, traders said. Reminders of an expected rise in US and world wheat output for 2007/08 added pressure.
But trade was choppy, with values turning firm at times as both wheat and corn tried to consolidate after Monday's declines. As of 10:45 am CDT (1545 GMT), benchmark May wheat was down 1-1/4 cents at $4.69-1/2 per bushel, with July down 1 at $4.82-1/4. Man Financial sold 200 May contracts while Rosenthal Collins and Fimat USA each bought 200 May, traders said.
Front-month March, which expires on Wednesday, was up 1-1/2 cents at $4.61-1/2. Deliveries on the CBOT March contract were light at 45 contracts. India's farm minister said his country's wheat crop was expected to cross 72.5 million tonnes despite recent heavy rains that have damaged crops in some areas.
On a bullish note, the USDA's attache in Cairo said Egypt's wheat imports for 2007/08 would rise to 7.35 million tonnes, up 50,000 tonnes from 2006/07, with the United States supplying 2 million tonnes, up from 1.9 million in 2006/07.